"BTC movement is boring, it goes up and then falls back to the same place."
The price of cryptocurrency king Bitcoin (BTC) regained the $31,000 position as the release of the United States (US) Consumer Price Index (CPI) data for June was reported to have declined at 3% compared to market expectations of 3.1%.
Following US core inflation reaching 4.8% which is the lowest figure since November 2021 from 5.3% in May, the Federal Reserve (Fed) may take a more dovish stance in implementing their monetary policy actions.
According to JPMorgan analysts, inflation falling to 3% will lead to further upward movement in both crypto and stock markets as the Fed will find it difficult to raise interest rates.
After yesterday's CPI data release, most see a 90% probability that the Fed will raise interest rates by 25 basis points during the next Federal Open Market Committee (FOMC) meeting on July 26.
There is no denying that BTC rose more than 1% past $31,000 in just a few minutes after the CPI data before the price fell again, however analysts expect the digital asset to break through $35,000 after making some ups and downs.
In addition, popular analyst Michael van de Poppe also strongly believes that positive CPI data can push the entire crypto market including BTC to jump higher.
As of this writing, BTC price has plunged by 0.71% to $30,336 in the last 24 hours with a market capitalization of $589 billion and has recorded a 0.16% decline over the past week.
While Ethereum (ETH) slipped around 0.69% at $1,870 in the last 24 hours and Ripple (XRP) lost 0.83% at $0.47 with a market capitalization of $24 billion.
